This program is one of the programs I HIGHLY stress each employee looks into as a means to save money. Virtually every employee I have met with has determined that they can save money by enrolling in this plan. Please read the information below and carefully consider if this plan is applicable to your life situation.
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Overview
The Dependent Care Advantage Account (DCAAccount) consistently saves State employee participants hundreds of dollars on their dependent care expenses. Contribution could significantly help cover summer day camp, nursery school, child care center, or adult day care costs.
The program also consists of the Health Care Spending Account (HCSAccount) which helps you save money spent on health care services for your family that are not reimbursed by your health insurance plan. The Health Care Spending Account, like the Dependent Care Advantage Account, is an easy-to-use program that lets you contribute pre-tax dollars through automatic payroll deductions into your reimbursement account. A special feature of this benefit even allows you to be reimbursed for eligible health care expenses without waiting for the cash to accumulate in your account — just like an interest-free loan!
*Note: One word of caution. The first year you enroll in the program I recommend you underestimate your contribution. You must use all monies by December 31st of the plan year or you forfeit those monies.
Quick Facts
* These are two separate parts of the same plan, enrolling in the Health Care Spending Account and enrolling in the Dependent Care Advantage Account are two different transactions. Money from one account may not be used to cover eligible expenses from the other account.
Eligibility
Employees are eligible if they are expected to be employed for the entire calendar year, are paid bi-weekly, work half-time or more and are eligible for health insurance coverage (although you do not have to be enrolled in health coverage through SUNY Brockport) .
Special allowances are made for some UUP employees, both teaching and non-teaching professional employees. If you are hired on a semester by semester basis or on a temporary appointment and expect that appointment to be renewed ANDYou are eligible to enroll in health insurance
If you are employed on less than a 26 pay basis (adjunct lecturers paid 10 checks per semester), you must arrange to have your deductions calculated on a 20 pay basis instead of a 26 pay basis.
Covered Expenses
For a full listing of covered and ineligible expenses please visit NY’s Flex Spending website
*Note: over the counter medications are now an eligible expense!
Enrollment
Enrolling in the Flex Spending Account is easy. You can submit your application online, or call 1-800-358-7202 and a Customer Service Representative will take your application. The process is quick, easy, and secure.
The Flex Spending Account offers other customer-friendly services such as direct deposit of authorized reimbursements into your bank account. You can reduce claims processing time by faxing reimbursement request forms to the FSA Administrator. More than one-half of the current FSA participants use these program features, which give them prompt access to their funds by eliminating mail time. You can check your account balances at any time online or by using a voice-response system. The usual turn around time for reimbursement is around two weeks.
Please visit NY’s Flex Spending website for further details and enrollment information.